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End of the Golden Visa in Spain
April 3rd 2025 marks the end of the Golden Visa in Spain, a program that has, since 2013, allowed foreign nationals to obtain Spanish residency by making significant investments in the country. By removing this opportunity, approved by Organic Law 1/2025, the government aims to address long running concerns about real estate speculation and, for some investors, the origin of funds being invested.
Below, we examine the removal of the Golden Visa in a little more detail and outline the alternatives available for those who still wish to establish residency in Spain.
The Golden Visa, or investor residence visa, offered residency to non-EU citizens who made significant investments in real estate, public debt, business projects, or bank deposits. This program attracted numerous investors who saw Spain as a gateway to Europe.
This growth was largely driven by the following factors:
- Real Estate Speculation: The purchase of properties by foreigners has contributed to price inflation in major cities, making it difficult for local residents to access housing.
- Transparency and Security: Since the Russian invasion of Ukraine, several European countries have reviewed their investment visa programs due to concerns about the origin of funds and potential security risks.
- Economic Impact: Although the Golden Visa attracted inward investment, it also sparked debate about its real contribution to sustainable economic development.
For foreign investors who still wish to reside in Spain, several alternatives to the Golden visa exist:
- Non-Lucrative Residence: Allows residency in Spain without engaging in work activities. Ideal for retirees or individuals with sufficient passive income. They need to prove sufficient income to support themselves without working, and hold health insurance and a clean criminal record.
- Beckham Law: Special tax regime for foreigners moving to Spain for work reasons. Although not a visa, it offers significant tax advantages. You need to be hired by a Spanish company or move to Spain for work. It allows taxation as a non-resident for the first six years, potentially resulting in a lower tax burden.
- Student Visa: Allows residency in Spain to pursue academic study. The student needs to be accepted into a Spanish educational institution, demonstrate financial means, and have health insurance. It is ideal for those who wish to combine residency with academic training. Limited to the duration of studies and does not permit full-time work.
- Family Reunification: Allows family members of Spanish residents to also obtain residency.
- The digital nomad visa: perfect for remote workers. This visa allows non-EU professionals to work remotely for companies outside Spain, offering residency for up to five years with a low tax rate and family members can join.
The end of the Golden Visa represents a significant change in Spain’s immigration policy, but it does not close all doors to foreign investors.
Alternatives offer viable paths to establish residency in the country. It is crucial to carefully evaluate each option to determine the best strategy based on your individual circumstances.
Should you have any inquiries regarding the content of this article, or any other questions relating to mortgages in Spain, please do not hesitate to reach out to us for further information.
Patricia Nadal
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